Tax-Free Savings Account (TFSA) Contributions
As of January 1, 2023, the Tax-Free Savings Account (TFSA) annual contribution limit is $6,500.
TFSA Dollar Limits:
As of January 1, 2023, the Tax-Free Savings Account (TFSA) annual contribution limit is $6,500.
TFSA Dollar Limits:
|
2009: $5,000
2010: $5,000 2011: $5,000 2012: $5,000 2013: $5,500 2014: $5,500 2015: $10,000 |
2016: $5,500
2017: $5,500 2018: $5,500 2019: $6,000 2020: $6,000 2021: $6,000 2022: $6,000 2023: $6,500 |
Over the last decade, the TFSA has become a great place to grow your savings, as well as excess retirement earnings. All interest, dividends and capital gains collected within your TFSA account are tax-free. Unlike the RRSP/RRIF, you may continue to contribute to your TFSA even if you are drawing on your Registered Retirement Income Fund (RRIF). If you need to withdraw funds from your TFSA, you may contribute any past withdrawals in the following calendar year.
Within your TFSA, any unused contribution room is carried forward to future years such that the cumulative limit for someone who has never contributed may be as high as $88,000.
Always confirm with your contribution limits your local tax professional as well as your previous year's Revenue Canada Notice of Assessment.
Within your TFSA, any unused contribution room is carried forward to future years such that the cumulative limit for someone who has never contributed may be as high as $88,000.
Always confirm with your contribution limits your local tax professional as well as your previous year's Revenue Canada Notice of Assessment.
Please note Revenue Canada makes regular changes and updates to Canada's tax laws and benefits.
Always consult with your tax professional and/or refer to your Revenue Canada Notice of Assessment regarding the latest updates on your TFSA & Registered account contribution limits and withdrawals, as well as changes to tax benefits.
If you have further questions and do not have access to a tax professional,
we can schedule a private meeting with a Chartered Professional Accountant (CPA) at your convenience.
If you have any questions, please let us know.
Always consult with your tax professional and/or refer to your Revenue Canada Notice of Assessment regarding the latest updates on your TFSA & Registered account contribution limits and withdrawals, as well as changes to tax benefits.
If you have further questions and do not have access to a tax professional,
we can schedule a private meeting with a Chartered Professional Accountant (CPA) at your convenience.
If you have any questions, please let us know.
